President John Dramani Mahama has indicated that his government does not aim to achieve an exchange rate where the value of the dollar can be equated to the cedi.

Speaking at a high-level presidential session at the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund (ADF) in Abidjan, the Ghanaians president shared the adverse effect such a rate could have on the economy.

The president explained that the Ghanaian economy would risk losing a significant amount of revenue from its exports should the local currency appear relatively expensive to countries that import the country's goods.

"It is not that somebody is deliberately forcing the dollar down. It is as a result of the bits....finding the true value of the cedi is. I believe it will arrest at where the true value is based on demand and supply.

I don't envisage that..some people say that it will come to GHC1 to $1. No, that's extreme. It will literally collapse our export sector, if that happened," he said.

The president attributed the appreciation of the local currency to the government's fiscal policy and actions in the market.

"The cedi has recently appreciated in value. It is the result of close coordination of the fiscal (policy) and monitoring by the central bank and Ministry of Finance. It is based on the forex auction; demand and supply.

Ghana's trade in 2024

The findings of the Ghana Statistical Service's (GSS) 2024 Trade Report that focuses on the country's international trade are as follows:

Ghana's exports in 2024 (GH₵294.9 billion), exceeded imports(GH₵250.2 billion) by GH₵44.7 billion. The trade surplus in 2024 (GH₵44.7 billion) was about eight times more than in 2023 (GH₵5.3 billion).

Total trade values in January and December 2024, points to a 1.4 times increase, with November recording the highest (GH₵60.2 billion). Exports recorded higher increases across all months in 2024, with an average month-on-month percentage change of 4.5 percent compared to 3.7 percent for imports.

In 2024, the highest trade surplus (GH₵7.5 billion) was recorded inDecember and May was the only month that recorded a deficit(GH₵1.7 billion)

Ghana imported from 211 countries and exported to 155 in 2024compared to 214 and 159, respectively, in 2023. Ghana’s trading partners for both exports and imports reduced marginally between 2023 and 2024 - exports by three and imports by four.

Three products accounted for 83.4 percent of all exports in 2024: gold (GH₵163.0 billion), mineral fuels and oils (GH₵54.2 billion), and cocoa beans and products (GH₵28.6 billion), compared to 80.6 percent in 2023.

The share of mineral fuels and oil imports decreased from 32.1 percent in 2023 to 25.7 percent in 2024 despite an increase in value by GH₵ 6.3 billion.

Asia’s share of exports increased by 7.6 percentage points and share of imports by 8.3 percentage points between 2023 and 2024, while Europe’s share over the same period decreased by 1.7 and 8.3 percentage points for exports and imports, respectively.

Ghana’s export value (GH₵59.5 billion) in 2024 to other African countries was more than twice its imports (GH₵27.4 billion).

In 2024, Ghana’s real trade value was a deficit of GH₵4.7 billion. Incontrast a trade surplus of GH₵44.7 billion recorded in nominal terms.

Having recorded real trade surpluses in 2022 (GH₵1.9 billion) and2023 (GH₵1.4 billion), the trade balance returned to a deficit ofGH₵4.7 billion in 2024.

In 2024, gold was the main export product to Asia (65.4%),Europe (60.2%), and Africa (49.4%), while mineral fuels and oilspredominated exports to North America (60.9%).

More than half of the export to each continent, were received byone country.

In Asia, the United Arab Emirates received 53.1 percent ofGhana’s exports.

Canada received 58.6 percent of exports to North America

Switzerland accounted for 60.2 percent of exports to Europe,

South Africa was the destination for 60.5 percent to otherAfrican countries

North America,

Brazil predominated exports to South America with a 94.1percent share.

The United Arab Emirates, Switzerland and South Africa are themain export destinations for Ghana. Exports to these countrieseach exceeded GH₵35 billion, which when combined is morethan a third of the total value of exports in 2024.

International trade remains a critical pillar of Ghana’s economic transformation, industrialization, job creation, and sustainable development.

As Ghana deepens its integration into regional and global trade networks, a strategic focus on export expansion and value addition is essential for enhancing competitiveness and long-term economic resilience.

Ghana’s trade policies are increasingly geared towards positioningthe country as a dominant export-driven economy within West Africa and the broader African Continental Free Trade Area (AfCFTA).

Cedi's appreciation

In a span of two months, the cedi has appreciated by 19 percent against major trading currencies.

As of Wednesday, May 28, the average interbank rates used by commercial banks for transactions at the close of business showed the US dollar buying at GH₵10.27 and selling at GH₵10.28.

The British pound is buying at GH₵13.82 and selling at GH₵13.84. The euro is currently being bought at GH₵11.59 and sold at GH₵11.60.

The Central Bank has indicated that it is focused on stabilizing the Ghanaian economy rather than aiming for a specific exchange rate for the cedi's appreciation.

According to the Bank of Ghana (BoG), it is committed to halting excessive depreciation of the cedi due to its potential effects on inflation.

The BoG Governor, Dr Johnson Asiama, revealed plans to allow market forces to guide the currency's value and will only intervene when there is extreme volatility in the cedi.

Speaking at a press conference after the Monetary Policy Committee (MPC) meeting, Dr. Johnson Asiama noted that “We don’t have such a plan on the table that says when the cedi reaches a certain point, we must move to ease the appreciation.”

"As much as we don’t want to see the Ghana cedi depreciate excessively, we don’t keep a target rate that we want to defend aggressively,” the BoG added.

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